VIRGINIA BUSINESS ATTORNEY
I was born and raised by an entrepreneur.
What does that really mean? It means my entire life I have thought about “owning my own business.” I don’t think I am alone in this crazy dream.
According to Entrepeneur Magazine,
-68% of business students are interested in owning their own business. (Collegiate Entrepreneurs Organization, July 2006)
– 77.8% of students with entrepreneur family members would like to start their own business someday; 64% of students whose family are not self-employed agreed. (JA Worldwide, August 2006)
Ok – so Millions of Americans will start their own business. What does this mean?
It means Millions of Americans are excited, passionate and may unknowingly be setting themselves up for expensive litigation.
I know this sounds cruel, but when you spend 1 day reading about business litigation in Virginia, and what employers allege, you will be just as scared.
Start your own business? Great idea. But not while you have a job with a competing company.
Write a business plan – again, great. Don’t do it on company time or using work computers.
Want to tell your friends and start to advertise? Again, a good idea – but not while you are still under contract elsewhere.
All of this will be used to form an action against you called BREACH OF FIDUCIARY DUTY – and maybe BREACH OF CONTRACT.
Like the pricing structure of your current job and want to incorporate it into your new business? That may lead to a TRADE Secret claim.
I don’t mean to be alarmist, but sometimes those focused on starting a new business, are not focused on protecting themselves.
Please obtain legal help and advice to try and avoid these pitfalls – BEFORE you put the first word of your new business on paper. Not when you get the lawsuit.
Entrepreneur says that “Roughly 82% of small business owners turn to their accountant for business advice over their lawyer or banker.” (SurePayroll, September 2006)
That is certainly bad news. Please seek a professional that can help you avoid business litigation, that will be worth its weight in gold.